Channels

Latest

Popular

Events

bitcoin1

Mt. Gox shuts down Bitcoin transactions

Topics

Related articles

Share this page

Following a rumored $350 million hack and extended downtime, Japan-based Bitcoin exchange Mt. Gox has released an official statement confirming that it has shut down “all transactions for the time being.”

This decision, according to Mt. Gox’s official site, was made to protect the exchange’s service and users. Here is the Mt. Gox statement, in full:

Dear MtGox Customers,

In the event of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

This announcement follows a joint statement made by Mt. Gox’s competitors, including CoinbaseKraken and Bitstamp.net. The statement condemned Mt. Gox’s actions as a “tragic violation of…trust.”

Repercussions

It is currently unclear whether victims of Mt. Gox’s shutdown will see their assets returned to them. That said, many former Mr. Gox users have already taken to public forums such as Reddit to mourn their losses and defend the larger Bitcoin community.

This development may damage Bitcoin’s image and has already affected the currency’s trading price. That said, even a permanent Mt. Gox shutdown doesn’t mark the end of Bitcoin.

  • http://twitter.com/clicktoshareme Click To Share

    bit coins are looking a bit risky.

  • http://twitter.com/MichaelRaibin Michael Raibin

    . What a mess ! I may be biased, but you can’t beat real estate investment – it’s tangible, can produce income & capital growth

  • http://twitter.com/richardcarman Richard Carman

    Someone should do time for this: “: Mt. Gox shuts down Bitcoin transactions – http://t.co/V41OXI0hw7 http://t.co/ZSeyiWDPSn”

Editors picks

UK creates a unicorn, Sky blocks porn and more in your Week in Tech

Loci 1

Loci is the smarter way to make plans – Download of the Week

Dennis Jones-Judo (1)

Judo grabs £6m and picks up KFC as client

shutterstock_28161913

Will 2015 finally bring some responsibility to tech?

shutterstock_112969282

Will Davos 2015 get the world back on track?

Internet of Things

UCL students to tackle Internet of Things with new ARM education kit